Both the Bank of America Customized Cash Rewards Credit Card and the Chase Freedom Unlimited offer decent cash back rewards, but they have different strengths and weaknesses.
Here is a comparison of the two cards to help you decide which one is right for you.
Chase Unlimited vs. BofA Cash Rewards: Comparison
With no annual fee and a generous welcome bonus, the Bank of America Customized Cash Rewards card is renowned for its flexibility. Cardholders can personalize their cashback rewards, earning higher percentages in categories of their choice. However, there is a cap that limit the cashback you can earn.
Chase Freedom Unlimited offer better travel rewards and better rewards ratio on travel benefits, makes it ideal for travelers. There are no limits or cap which is great for high spenders.
BofA Customized Cash Rewards | Chase Freedom Unlimited | |
Annual Fee | $0 | $0 |
Rewards | 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%) | 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases. |
Welcome bonus | $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. | Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. |
0% Intro APR | 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account., then 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers APR | 15 months on purchases and balance transfers , then 20.24%–28.99% variable APR |
Foreign Transaction Fee | 3% | 3% |
Purchase APR | 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers | 20.24%–28.99% variable |
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Cashback Rewards Battle: A Side-by-Side Analysis
When comparing cashback rewards, there is a clear winner – the Freedom Unlimited card. As long as you spend on travel from time to time, it can drive you more cashback than the Customized card.
Spend Per Category | BofA Customized Cash Rewards | Chase Freedom Unlimited |
$15,000 – U.S Supermarkets | $200 ** | $225 |
$5,000 – Restaurants
| $150 * | $150 |
$5,000 – Airline | $50 | $250 |
$5,000 – Hotels | $50 | $250 |
$4,000 – Gas | $40 | $60 |
Estimated Annual Value | $490 | $935 |
* 3% On Restaurants ** 2% On Supermarkets up to $5,000
![Redeeming points with Chase Freedom Unlimited](https://dev.thesmartinvestor.com/wp-content/uploads/2024/01/Chase-app-see-earned-rewards-e1705997329160.png)
Which Extra Benefits You'll Get With Each Card?
Besides the bonus points and welcome bonuses, both cards come packed with additional perks. Overall, the Chase Unlimited card offers better extra benefits and protections than the BofA Customized card.
Bank of America Customized Cash Rewards
Balance Connect® for overdraft protection: Link your Bank of America checking account to your credit card to prevent declined purchases and overdrafts, with no transfer fees, though other fees may apply.
![BofA Overdraft protection](https://dev.thesmartinvestor.com/wp-content/uploads/2024/01/BofA-Overdraft-protection-e1705325059272.png)
- Account Alerts: Receive email or text alerts to stay informed about your balances and payment due dates, ensuring you never miss a payment.
- FICO® Score: Opt-in to access your free monthly FICO® Score through your Mobile Banking app or Online Banking, helping you track your credit health.
![BoFa card see credit score](https://dev.thesmartinvestor.com/wp-content/uploads/2024/01/BoFa-card-see-credit-score-e1704968682293.jpg)
Chase Freedom Unlimited
- Instacart+ Benefit: The Unlimited card provides a complimentary 3-month Instacart+ membership, offering unlimited deliveries with $0 delivery fees and reduced service fees on eligible orders.
- 5% Cash Back/5x Points on Lyft Rides: It offers enhanced rewards for Lyft rides through March 31, 2025, giving you 5% cash back or 5x points on these purchases.
- Cellular Telephone Protection: The Unlimited card provides up to $600 in cell phone protection when you pay your monthly cell phone bill with the respective card, subject to a $25 deductible.
- Purchase Protection: The card offer purchase protection, covering your new purchases for 120 days against damage or theft, up to $500 per claim and $50,000 per account.
- Extended Warranty Protection: The Freedom Unlimited card extends the time period of the U.S. manufacturer's warranty by an additional year on eligible warranties of three years or less.
- Auto Rental Collision Damage Waiver: Get coverage for theft and collision damage when you decline the rental company's insurance and charge the entire rental cost to your card, applicable to most cars in the U.S. and abroad.
- Trip Cancellation/Interruption Insurance: The card provide reimbursement for pre-paid, non-refundable passenger fares up to $1,500 per person and $6,000 per trip if your trip is canceled or interrupted due to covered situations.
- My Chase Plan: It also offer the option to use My Chase Plan, allowing you to pay off eligible purchases of $100 or more in equal monthly payments with no interest, just a fixed monthly fee
![my chase plan](https://dev.thesmartinvestor.com/wp-content/uploads/2024/01/my-chase-plan-apply_2-e1705997700797.png)
When You Might Want the Chase Freedom Unlimited Card?
You might prefer the Chase Freedom Unlimited over the Bank of America Customized Cash Rewards in the following situations:
- You Spend On Travel and Dining: While both cards offer cashback, the Chase Freedom Unlimited might be a better choice if you frequently spend on travel and dining. It offers a solid cashback rate in these categories, making it a great option for foodies and frequent travelers.
- You Want No Category Caps: The Chase Freedom Unlimited card has no category caps, so you can earn unlimited cash back on categories such as dining and drugstores regardless of how much you spend.
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When You Might Want the Customized Cash Rewards Card?
You might prefer the Bank of America Customized Cash Rewards card over the Chase Freedom Unlimited card in several situations:
- You Want Control: If you want more control over your rewards, the Bank of America Customized Cash Rewards card allows you to choose and customize your cashback categories. This flexibility is ideal for individuals who spend heavily in specific areas and want to maximize their rewards in those categories.
- You Have Another Travel Card: If your spending patterns align with the available cashback categories offered by the Customized Cash Rewards card and you carry another travel card, you may prefer this card.
![BoFa card make balance transfer](https://dev.thesmartinvestor.com/wp-content/uploads/2024/01/BoFa-card-make-balance-transfer-e1704965625994.png)
Compare The Alternatives
It's always a good idea to be aware of other options before determining the most suitable choice for your needs.
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Capital One Quicksilver Cash Rewards Credit Card | Blue Cash Preferred® Card from American Express | Chase Sapphire Preferred® Card | |
Annual Fee | $0
| $95 ($0 intro for the first year)
| $95
|
Rewards |
1.5% – 5%
5% percent cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on all purchases everyday.
|
1-6%
6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit
and U.S. gas stations, 1% cash back on other purchases
|
2X – 5X
5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
|
Welcome bonus |
$200
$200 cash bonus once you spend $500 on purchases within 3 months from account opening
|
$250
$250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
|
60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
|
Foreign Transaction Fee | $0 | 2.70% | $0
|
Purchase APR | 19.99% – 29.99% variable
| 19.24% – 29.99% Variable
| 21.24%–28.24% variable APR
|
Compare BofA Customized Cash Rewards
Both cards have no annual fee, but when it comes top redemption value – the Customized Cash Rewards gives you more. Here's our analysis.
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